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Tax breaks for more small firms
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MORE small businesses in China will enjoy tax breaks as part of the government’s efforts to promote their growth and counter pressure on economic growth, the State Council said following a meeting yesterday.
From October 1 to the end of 2015, any company with a monthly revenue under 30,000 yuan (US$4,882) will be exempted from value-added tax and business tax, according to a statement.
The current level for the policy is 20,000 yuan.
The move comes after the State Council said in April that companies with annual taxable income under 100,000 yuan will have their business income tax halved from January 1, this year, till the end of 2016.
The government is also mulling other support measures for small businesses, said the statement.
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